WHY SHOULD YOU REVIEW YOUR BILLS AND WHEN SHOULD YOU REVIEW YOUR BILLS?
Scott Warren-Pricing Wizard
Financial educator I Financial Director| helping business become confident in charge what they are worth and improve their financial cashflow | money advice | savings advice | debt relief
Now I am hopeful that most people already review their outgoings but from speaking to people, in my experience, most people are not regularly reviewing their household bills. Why should you review your bills as they are the same month after month? Wrong, this is not the case! Most months your bills are always slightly different, this can be for various reasons. The main reason is we never repeat the same pattern from last month. The second reason is quite often companies will change your bills without prior warning.
My tip would be when you get paid sit down at a convenient time and go over your bank statement and look at what your monthly outgoings are compared to the last month. I usually do this in the evening around midnight as for me this is when I focus the best. At first this might take a little time but after a while it should only take five or ten minutes. Just imagine that ten minutes once a month could save you hundreds of pounds! Would you like to get paid hundreds of pounds for one hour’s work?
So, the answer to the headline is; you should review you bills once a month at a time when it best suits you. Why should you review your household bills? To track your outgoings and save you money.
What about businesses? Well this is pretty much the same, the only slight difference would be at the end of every month review the spreadsheet of your budget forecast at a practical time. For the owner, review your statement to look at what is leaving your business. Why should business owners do this instead of accountants? Simple, this is straight forward and good practice. Most business owners are hard-working, you could process lots of sales for the business but possibly not be making the most of the money coming into the business.
If you want to make sure you maximise your profits for your business or make the most of your hard-earned money you bring home, then please do feel free to get in touch as I love to help people / businesses make the most of their money!